Common use of Release of Loan Assets Clause in Contracts

Release of Loan Assets. (a) The Lien of the Collateral Agent shall be automatically released with respect to: (i) any Loan Asset (and the Related Asset) sold or substituted in accordance with the applicable provisions of Section 2.07, (ii) any Loan Asset (and the Related Asset) with respect to which all amounts have been paid in full by the related Obligor and deposited in the Collection Account, (iii) amounts distributed to the Borrower pursuant to Section 2.04, and (iv) the entire Collateral following the Collection Date. Any Non-Levered Loan Asset sold by the Borrower shall be automatically released from the Lien of the Collateral Agent. The Collateral Agent, for the benefit of the Secured Parties, shall, at the sole expense of the Servicer and the Borrower and at the direction of the Administrative Agent, execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower, give notice of such release to the Collateral Custodian (in the form of Exhibit J) (unless the Collateral Custodian and Collateral Agent are the same Person) and take other such actions as shall reasonably be requested by the Borrower to effect such release of the Lien created pursuant to this Agreement. Upon receiving such notification by the Collateral Agent as described in the immediately preceding sentence, if applicable, the Collateral Custodian shall deliver the Required Loan Documents to the Borrower. Notwithstanding anything to the contrary herein, each of the Administrative Agent, Collateral Agent, Collateral Custodian and Lender agree that the release of the Lien on any Loan Assets (and Related Assets) designated to be sold to GC Advisors LLC (or an Affiliate) for a substantially concurrent transfer to a special purpose vehicle in accordance with the No-Action Relief in connection with an Existing Gxxxx BDC CLO (the “No-Action Relief Assets”) shall be deemed to occur prior to the payment by the Borrowers of its Obligations with respect to such No-Action Relief Assets on the applicable date of transfer and the release of the Lien (other than with respect to the No-Action Relief Assets) with respect to any other Loan Assets being sold to such Existing Gxxxx BDC CLO shall be deemed to occur simultaneously with the payment by the Borrower of its Obligations with respect to such Loan Assets on the applicable date of transfer, in each case, so as to allow the Borrower to sell, assign and otherwise transfer the Collateral to certain parties in accordance with the terms of the No-Action Relief and the related transaction documentation of the Existing Gxxxx BDC CLO (it being understood no such release shall occur until the Administrative Agent has received evidence reasonably satisfactory to it that the conditions precedent to closing of the Existing Gxxxx BDC CLO have been satisfied).

Release of Loan Assets. (a) The Lien of the Collateral Agent shall be automatically released with respect to: (i) any Loan Asset (and the Related Asset) sold or substituted in accordance with the applicable provisions of Section 2.07, (ii) any Loan Asset (and the Related Asset) with respect to which all amounts have been paid in full by the related Obligor and deposited in the Collection Account, (iii) amounts distributed to the Borrower pursuant to Section 2.04, and (iv) the entire Collateral following the Collection Date. Any Non-Levered Loan Asset sold by the Borrower shall be automatically released from the Lien of the Collateral Agent. The Collateral Agent, for the benefit of the Secured Parties, shall, at the sole expense of the Servicer and the Borrower and at the direction of the Administrative Agent, execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower, give notice of such release to the Collateral Custodian (in the form of Exhibit J) (unless the Collateral Custodian and Collateral Agent are the same Person) and take other such actions as shall reasonably be requested by the Borrower to effect such release of the Lien created pursuant to this Agreement. Upon receiving such notification by the Collateral Agent as described in the immediately preceding sentence, if applicable, the Collateral Custodian shall deliver the Required Loan Documents to the Borrower. Notwithstanding anything to the contrary herein, each of the Administrative Agent, Collateral Agent, Collateral Custodian and Lender agree that the release of the Lien on any Loan Assets (and Related Assets) designated to be sold to GC Advisors LLC (or an Affiliate) for a substantially concurrent transfer to a special purpose vehicle in accordance with the No-Action Relief in connection with an Existing Gxxxx Xxxxx BDC CLO (the “No-Action Relief Assets”) shall be deemed to occur prior to the payment by the Borrowers of its Obligations with respect to such No-Action Relief Assets on the applicable date of transfer and the release of the Lien (other than with respect to the No-Action Relief Assets) with respect to any other Loan Assets being sold to such Existing Gxxxx Xxxxx BDC CLO shall be deemed to occur simultaneously with the payment by the Borrower of its Obligations with respect to such Loan Assets on the applicable date of transfer, in each case, so as to allow the Borrower to sell, assign and otherwise transfer the Collateral to certain parties in accordance with the terms of the No-Action Relief and the related transaction documentation of the Existing Gxxxx Xxxxx BDC CLO (it being understood no such release shall occur until the Administrative Agent has received evidence reasonably satisfactory to it that the conditions precedent to closing of the Existing Gxxxx Xxxxx BDC CLO have been satisfied).

Release of Loan Assets. (a) The Lien Borrower may obtain the release of the Collateral Agent shall be automatically released with respect to: (i) any Loan Asset (and the Related Assetrelated Portfolio Assets pertaining thereto) sold or substituted in accordance with the applicable provisions of Section 2.07, (ii) any Loan Asset (and the Related Assetrelated Portfolio Assets pertaining thereto) with respect to which all amounts have been paid in full by the related Obligor and deposited in the Collection Account, Account and (iii) amounts distributed to the Borrower pursuant to Section 2.04, and (iv) the entire Collateral Portfolio following the Collection Date. Any Non-Levered Loan Asset sold by the Borrower shall be automatically released from the Lien of the Collateral Agent. The Collateral Agent, for the benefit of the Secured Parties, shall, at the sole expense of the Servicer and the Borrower and at the direction of the Administrative Agent, execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower, give notice of such release to the Collateral Administrator and Collateral Custodian (in the form of Exhibit JL) (unless the Collateral Custodian and Collateral Agent are the same Person) and take other such actions as shall reasonably be requested by the Borrower to effect such release of the Lien created pursuant to this Agreement. Upon receiving such notification by the Collateral Agent as described in the immediately preceding sentence, if applicable, the Collateral Custodian Administrator or the Collateral Custodian, as applicable, shall deliver the Required Loan Documents to the Borrower. Notwithstanding anything Neither the Collateral Administrator nor the Collateral Custodian shall be liable for any action taken by pursuant to the contrary hereinthis Section 2.16, each and shall have any duty to investigate or ascertain whether such action, notification or any direction complies with any term of the Administrative Agent, Collateral Agent, Collateral Custodian and Lender agree that the release of the Lien on any Loan Assets (and Related Assets) designated to be sold to GC Advisors LLC (or an Affiliate) for a substantially concurrent transfer to a special purpose vehicle in accordance with the No-Action Relief in connection with an Existing Gxxxx BDC CLO (the “No-Action Relief Assets”) shall be deemed to occur prior to the payment by the Borrowers of its Obligations with respect to such No-Action Relief Assets on the applicable date of transfer and the release of the Lien Transaction Documents (other than with respect to confirming the No-Action Relief Assets) with respect to any other Loan Assets being sold to such Existing Gxxxx BDC CLO shall be deemed to occur simultaneously with the payment deposit by the Borrower of its Obligations with respect to such Loan Assets on the applicable date of transfer, in each case, so as to allow the Borrower to sell, assign and otherwise transfer the Collateral to certain parties in accordance with the terms Servicer of the No-Action Relief and proceeds of a Loan into the related transaction documentation of the Existing Gxxxx BDC CLO (it being understood no such release shall occur until the Administrative Agent has received evidence reasonably satisfactory to it that the conditions precedent to closing of the Existing Gxxxx BDC CLO have been satisfiedCollection Account).

Release of Loan Assets. (a) The Lien of the Collateral Agent granted and created pursuant to this Agreement shall be automatically released with respect toto the following: (i) any Loan Asset (and the Related Assetrelated Portfolio Assets pertaining thereto) sold or substituted in accordance with the applicable provisions of Section 2.07, (ii) any Loan Asset (and the Related Assetrelated Portfolio Assets pertaining thereto) with respect to which all amounts have been paid in full by the related Obligor and deposited in the Collection Account, Account and (iii) amounts distributed to the Borrower pursuant to Section 2.04, and (iv) the entire Collateral Portfolio following the Collection Date. Any Non-Levered Loan Asset sold by the Borrower shall be automatically released from the Lien of the Collateral Agent. The Collateral Agent, for the benefit of the Secured Parties, shall, at the sole expense of the Servicer and the Borrower and at the direction of the Administrative Agent, execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower, give notice of such release to the Collateral Administrator and Collateral Custodian (in the form of Exhibit JL) (unless the Collateral Custodian and Collateral Agent are the same Person) and take other such actions as shall reasonably be requested by the Borrower to effect such release of the Lien created pursuant to this Agreement. Upon receiving such notification by the Collateral Agent as described in the immediately preceding sentence, if applicable, the Collateral Custodian Administrator or the Collateral Custodian, as applicable, shall deliver the Required Loan Documents to the Borrower. Notwithstanding anything Neither the Collateral Administrator nor the Collateral Custodian shall be liable for any action taken by pursuant to the contrary hereinthis Section 2.16, each and shall have any duty to investigate or ascertain whether such action, notification or any direction complies with any term of the Administrative Agent, Collateral Agent, Collateral Custodian and Lender agree that the release of the Lien on any Loan Assets (and Related Assets) designated to be sold to GC Advisors LLC (or an Affiliate) for a substantially concurrent transfer to a special purpose vehicle in accordance with the No-Action Relief in connection with an Existing Gxxxx BDC CLO (the “No-Action Relief Assets”) shall be deemed to occur prior to the payment by the Borrowers of its Obligations with respect to such No-Action Relief Assets on the applicable date of transfer and the release of the Lien Transaction Documents (other than with respect to confirming the No-Action Relief Assets) with respect to any other Loan Assets being sold to such Existing Gxxxx BDC CLO shall be deemed to occur simultaneously with the payment deposit by the Borrower of its Obligations with respect to such Loan Assets on the applicable date of transfer, in each case, so as to allow the Borrower to sell, assign and otherwise transfer the Collateral to certain parties in accordance with the terms Servicer of the No-Action Relief and proceeds of a Loan into the related transaction documentation of the Existing Gxxxx BDC CLO (it being understood no such release shall occur until the Administrative Agent has received evidence reasonably satisfactory to it that the conditions precedent to closing of the Existing Gxxxx BDC CLO have been satisfiedCollection Account).

Release of Loan Assets. (a) The Lien Borrower may obtain the release of the Collateral Agent shall be automatically released with respect to: (ia) any Loan Asset (and the Related Asset) sold or substituted in accordance with the applicable provisions of Section 2.07, (iib) any Loan Asset (and the Related Asset) with respect to which all amounts have been paid in full by the related Obligor and deposited in the Collection Account, (iii) amounts distributed to the Borrower pursuant to Section 2.04, Account and (ivc) the entire Collateral following the Collection Date. Any Non-Levered Loan Asset sold by the Borrower shall be automatically released from the Lien of the Collateral Agent. The Collateral Agent, for the benefit of the Secured Parties, shall, at the sole expense of the Servicer and the Borrower and at the direction of the Administrative Agent, execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower, give notice of such release to the Collateral Custodian and the Collateral Administrator (in the form of Exhibit J) (unless the Collateral Custodian and Collateral Agent are the same Person) and take other such actions as shall reasonably be requested by the Borrower to effect such release of the Lien created pursuant to this Agreement. Upon receiving such notification by the Collateral Agent as described in the immediately preceding sentence, if applicable, the Collateral Custodian Administrator or the Collateral Custodian, as applicable, shall deliver the Required Loan Documents to the Borrower. Notwithstanding anything Neither the Collateral Administrator nor the Collateral Custodian shall be liable for any action taken by it pursuant to the contrary hereinthis Section 2.14, each and shall have any duty to investigate or ascertain whether such action, notification or any direction complies with any term of the Administrative Agent, Collateral Agent, Collateral Custodian and Lender agree that the release of the Lien on any Loan Assets (and Related Assets) designated to be sold to GC Advisors LLC (or an Affiliate) for a substantially concurrent transfer to a special purpose vehicle in accordance with the No-Action Relief in connection with an Existing Gxxxx BDC CLO (the “No-Action Relief Assets”) shall be deemed to occur prior to the payment by the Borrowers of its Obligations with respect to such No-Action Relief Assets on the applicable date of transfer and the release of the Lien Transaction Documents (other than with respect to confirming the No-Action Relief Assets) with respect to any other Loan Assets being sold to such Existing Gxxxx BDC CLO shall be deemed to occur simultaneously with the payment deposit by the Borrower of its Obligations with respect to such Loan Assets on the applicable date of transfer, in each case, so as to allow the Borrower to sell, assign and otherwise transfer the Collateral to certain parties in accordance with the terms Servicer of the No-Action Relief and proceeds of a Loan Asset into the related transaction documentation of the Existing Gxxxx BDC CLO (it being understood no such release shall occur until the Administrative Agent has received evidence reasonably satisfactory to it that the conditions precedent to closing of the Existing Gxxxx BDC CLO have been satisfiedPrincipal Collection Subaccount).

Release of Loan Assets. (a) The Lien of the Collateral Agent shall be automatically released with respect to: (i) any Loan Asset (and the Related Asset) sold or substituted in accordance with the applicable provisions of Section 2.07, (ii) any Loan Asset (and the Related Asset) with respect to which all amounts have been paid in full by the related Obligor and deposited in the Collection Account, (iii) amounts distributed to the Borrower pursuant to Section 2.04, and (iv) the entire Collateral following the Collection Date. Any Non-Levered Loan Asset sold by the Borrower shall be automatically released from the Lien of the Collateral Agent. The Collateral Agent, for the benefit of the Secured Parties, shall, at the sole expense of the Servicer and the Borrower and at the direction of the Administrative Agent, execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower, give notice of such release to the Collateral Custodian (in the form of Exhibit J) (unless the Collateral Custodian and Collateral Agent are the same Person) and take other such actions as shall reasonably be requested by the Borrower to effect such release of the Lien created pursuant to this Agreement. Upon receiving such notification by the Collateral Agent as described in the immediately preceding sentence, if applicable, the Collateral Custodian shall deliver the Required Loan Documents to the Borrower. Notwithstanding anything to the contrary herein, each of the Administrative Agent, Collateral Agent, Collateral Custodian and Lender agree that the release of the Lien on any Loan Assets (and Related Assets) designated to be sold to GC Advisors LLC (or an Affiliate) for a substantially concurrent transfer to a special purpose vehicle in accordance with the No-Action Relief in connection with an Existing Gxxxx BDC CLO (the “No-Action Relief Assets”) shall be deemed to occur prior to the payment by the Borrowers BorrowersBorrower of its Obligations with respect to such No-Action Relief Assets on the applicable date of transfer and the release of the Lien (other than with respect to the No-Action Relief Assets) with respect to any other Loan Assets being sold to such Existing Gxxxx BDC CLO shall be deemed to occur simultaneously with the payment by the Borrower of its Obligations with respect to such Loan Assets on the applicable date of transfer, in each case, so as to allow the Borrower to sell, assign and otherwise transfer the Collateral to certain parties in accordance with the terms of the No-Action Relief and the related transaction documentation of the Existing Gxxxx BDC CLO (it being understood no such release shall occur until the Administrative Agent has received evidence reasonably satisfactory to it that the conditions precedent to closing of the Existing Gxxxx BDC CLO have been satisfied).

Release of Loan Assets. (a) The Lien Borrower may obtain the release of the Collateral Agent shall be automatically released with respect to: (ia) any Loan Asset (and the Related Asset) sold or substituted in accordance with the applicable provisions of Section 2.07, (iib) any Loan Asset (and the Related Asset) with respect to which all amounts have been paid in full by the related Obligor and deposited in the Collection Account, (iii) amounts distributed to the Borrower pursuant to Section 2.04, Account and (ivc) the entire Collateral following the Collection Date. Any Non-Levered Loan Asset sold by the Borrower shall be automatically released from the Lien of the Collateral Agent. The Collateral Agent, for the benefit of the Secured Parties, shall, at the sole expense of the Servicer and the Borrower and at the direction of the Administrative Agent, execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower, give notice of such release to the Collateral Custodian and the Collateral Administrator (in the form of Exhibit J) (unless the Collateral Custodian and Collateral Agent are the same Person) and take other such actions as shall reasonably be requested by the Borrower to effect such release of the Lien created pursuant to this Agreement. Upon receiving such notification by the Collateral Agent as described in the immediately preceding sentence, if applicable, the Collateral Custodian Administrator or the Collateral Custodian, as applicable, shall deliver the Required Loan Documents to the Borrower. Notwithstanding anything Neither the Collateral Administrator nor the Collateral Custodian shall be liable for any action taken by it pursuant to the contrary hereinthis Section 2.14, each and shall have any duty to investigate or ascertain whether such action, notification or any direction complies with any term of the Administrative Agent, Collateral Agent, Collateral Custodian and Lender agree that the release of the Lien on any Loan Assets (and Related Assets) designated to be sold to GC Advisors LLC (or an Affiliate) for a substantially concurrent transfer to a special purpose vehicle in accordance with the No-Action Relief in connection with an Existing Gxxxx BDC CLO (the “No-Action Relief Assets”) shall be deemed to occur prior to the payment by the Borrowers of its Obligations with respect to such No-Action Relief Assets on the applicable date of transfer and the release of the Lien Transaction Documents (other than with respect to confirming the No-Action Relief Assets) with respect to any other Loan Assets being sold to such Existing Gxxxx BDC CLO shall be deemed to occur simultaneously with the payment deposit by the Borrower of its Obligations with respect to such Loan Assets on the applicable date of transfer, in each case, so as to allow the Borrower to sell, assign and otherwise transfer the Collateral to certain parties in accordance with the terms Servicer of the No-Action Relief and proceeds of a Loan Asset into the related transaction documentation of the Existing Gxxxx BDC CLO (it being understood no such release shall occur until the Administrative Agent has received evidence reasonably satisfactory to it that the conditions precedent to closing of the Existing Gxxxx BDC CLO have been satisfiedPrincipal Collection Subaccount).